Oil Prices Decline on China Economy, Stronger Dollar

US crude-oil prices decline 1.4% to $78.54 a barrel, reversing some of last week’s 4.4% increase, while the global benchmark Brent also falls, down 1.3% at $84.68. “Crude oil is lower after China set a modest growth rate slightly under consensus, thus renewing demand concerns,” says Spartan Capital’s Peter Cardillo in a note. A slightly stronger dollar is also pressuring crude prices lower as oil is bought and sold with U.S. currency, so dollar strength makes oil more expensive and thus less attractive in overseas markets. The WSJ Dollar Index was recently 0.2% higher.